- Bitcoin price takes heavy water as the ship is caught in a storm on financial waters.
- Next week, the BTC price looks set to jump to $50,000 in two phases, depending on a relief rally.
- In the process, market participants can make a small 20% gain.
Bitcoin (BTC) price has had a rough week as global markets turmoil saw the main drivers come from geopolitical tension in Ukraine and the unclear message the Fed has delivered to markets in its Fed minutes. As markets are propped on some excellent news out of Russia or Ukraine, expect investors to shake any nervousness off and get set for a solid week of gains next week, with tailwinds for Bitcoin price action to steam ahead to $50,000.
Bitcoin price still set for new all-time highs, even with regulations on its path
As markets focused merely on Russia and the Fed minutes, a small headline was made this week on Biden set to publish a regulatory framework for cryptocurrencies. Of course, the initial reaction is that any regulation would limit upside and trigger a broad sell-off in the crypto space. But looking beyond the headline, this offers good news for Bitcoin and its peers as it will take quite some nervousness away and should see more investor flow and funds joining in for the long run as the future path of cryptocurrencies will become more transparent and legal.
As investors will look beyond the Fed minutes and will see the legal framework from Biden as a positive element, expect to see BTC price to be funded at the monthly pivot around $39,880. Expect a quick bounce and test back to $44,088. From there, it will be a straight cut next week towards the week to hit $48,760-$50,020 with the 200-day Simple Moving Average (SMA) in between.
BTC/USD weekly chart
As with the upside, there could be a downside as well. As Russia already laid out a path where only citizens could hold Bitcoin, but it would be illegal to mine at, a similar framework in the US would be a considerable setback to some big tech firms and local miners in the states. That would see BTC collapse against the monthly pivot at $39,880. A break below it would see a nosedive sell-off towards $36,709.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure
XRP price could make or break based on the outcome of Ripple Labs case with the US Securities and Exchange Commission (SEC). In the latest twist and turn in the courtroom drama, Ripple (XRP), which is a cross-border payment settlement firm.
Bitcoin struggles to fly despite clear skies up to $19,280
Bitcoin price is struggling to overcome a small hurdle after a fresh start to the week. A closer look reveals that BTC could easily trigger a rally but is unable to do so despite a lack of resistance to the upside.
AVAX's traders bet should be on Avalanche bulls triggering a 15% rally
AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. However, bulls face another blockade that needs to be overcome to trigger an extended rally.
Ethereum bulls come to the rescue with a plan to revisit $1,500
Ethereum price set up a local top after a quick run-up over the last week. This move was followed by a tight consolidation that resulted in a breakdown, allowing sidelined buyers to step up. As a result, ETH is primed for a quick run-up.
Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023
A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible.